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Quote of the Day
"Rate hikes are best thought of as vaccines. The worst sickness a market could develop is the delusion that assets can grow to the sky forever without any pauses or steps back. It’s like a fever that overtakes us from time to time."
(Josh Brown)
Chart of the Day

Per GMO, the expected return spread between emerging markets and the rest of the world is quite wide.
Markets
- Historically the valuation disparities currently seen between the emerging markets and the rest of the world have led to significant future outperformance. (ft.com)
- Material stocks are just getting crushed relative to the broader market. (crossingwallstreet.com)
- Need some hope? Positive seasonality is kicking in. (topdowncharts.com)
Strategy
- Can the stock market predict economic recessions? (awealthofcommonsense.com)
- Bear markets are characterized by higher volatility, both on the up and downside. (theirrelevantinvestor.com)
- Howard Marks has been making the rounds in support of his book "Mastering the Cycle." Here is a summary of what he has been saying. (thewaiterspad.com)
Companies
Funds
- John Rekenthaler, "There is a difference between saying that indexing is always sensible and saying it is always best." (morningstar.com)
- How ETF arbitrage works, and when it doesn't. (etf.com)
Real estate
- Opportunity zones are already affecting property prices. (wsj.com)
- How Vancouver is trying to offset the influx of foreign cash. (bloomberg.com)
- How New York City's skyline has changed over time. (visualcapitalist.com)
Economy
- What does a modernized version of the Taylor Rule say now? (mrzepczynski.blogspot.com)
- People still want to hold American banknotes. (ftalphaville.ft.com)
Earlier on Abnormal Returns
- Research links: simplified regularities. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: detailed disclosures. (abnormalreturns.com)